Of the four major credit card issuers in play today, Discover is the least used and least known. Originally started in 1985 as a Sears brand, Discover has branded itself effectively over the last decade to become a major competitor of Visa, MasterCard and American Express. A line of commercials featuring the customer service representative known as “Peggy” continue to be voted the most memorable by consumers.
The product line that Discover offers to potential new cardholders is not as diverse as others, but it does cover most consumer needs. I’ve compiled the current list of Discover consumer credit cards and focused on the clear strengths and weaknesses of each card. Should you own any of the below cards, please leave your feedback on why you like or don’t like it.
Discover® More® Card – The Discover More Card is the staple of the Discover brand, offering consumers cash back on every purchase in addition to a 0% intro APR on purchases and balance transfers for 15 months (3% balance transfer fee). The initial 0.25% cash back is earned on the first $3,000 spent annually, then 1% cash back on all purchases after that. Five percent cash back can be earned on select categories every quarter, but there’s a limit to the amount of cash you can earn in 5% categories ($15 per category in 2011, $75 per category in 2012). The Discover More Card has no annual fee.
Discover® More® Card – $150 Cash Back – For a limited time only, Discover is offering a variation of their standard More Card which includes $150 cash back after spending $1,000 in the first 90 days of card ownership. This version of the Discover More Card has identical cash back rewards features, but the introductory rate is 0% for only six months on both purchases and balance transfers. The purchase and balance transfer APR after the intro rate expires is 10.99% – 20.99% variable depending on credit history. The Discover More Card – $150 Cash Back has no annual fee and is set to expire December 31st, 2011.
Miles by Discover® – Discover has two travel focused credit cards and one of them is the Miles by Discover. One mile is earned for every dollar spent on all purchases and up to 1,200 bonus miles can be earned the first year (100 miles every month you make a purchase). A 0% intro APR on purchases and balance transfers is included for the first six months of card ownership and the standard APR after the intro rate expires is 10.99% – 16.99% variable, depending on credit history. The Miles by Discover has no annual fee.
Discover® Motiva Card – One of the rarest rewards programs you’ll find today comes from the Discover Motiva Card. Cash back is earned on the interest you pay every month so long as you pay your statement on time. This card also includes a 0% intro APR on purchases and balance transfers for 15 months with a regular APR of 10.99% – 20.99% variable. Outside of the cash back earned on interest paid, the Discover Motive Card has no active rewards program, so this card is for interest conscious consumers. There is no annual fee to own the Discover Motiva Card.
Discover® Open Road Card – One of the best gas credit cards available today is the Discover Open Road Card. This card gives cardholders 2% cash back on all gas and grocery purchases with no limits to the amount of cash that can be earned every year. In addition, the card includes a $150 Restaurant.com gift certificate after making a purchase and a 0% intro APR on purchases and balance transfers for 12 months. The standard APR is 10.99% – 20.99% variable once the intro rate expires and the Discover Open Road Card carries no annual fee.
Escape by Discover® – If paying an annual fee for an increased rewards program is your game, then the Escape by Discover should be right up your alley. Up to 25,000 bonus miles are earn 1,000 miles at a time each month you make a purchases (for the first 25 months) and double miles are earned on all purchases. The Escape by Discover has a 0% intro APR on purchases and balance transfers for six months with a regular APR of 10.99% – 16.99% variable based on credit history (a very low number compared to other credit cards). There is a pesky annual fee of $60 to deal with but if you use your credit card a lot, the double miles should make up for that fee and then some.
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